Northeast spot power prices fall below triple digits

For the first time in a couple of days, spot power prices in most of the Northeast have fallen well below the $100/MWh, according to figures provided Jan. 9 by the Energy Information Administration (EIA).

New England had the highest spot power price in the nation at $84.18/MWh, which was still about 24% less than the price for the prior business day.

New York City had the nation’s second highest spot electric price at $71.59/MWh, or about 43% less than the prior day. The Mid-Atlantic was third at $60.80/MWh, or 24% less than the prior day, according to the EIA figures.

The same three regions also saw dramatic drop-offs in their spot natural gas prices. New York City had the most expensive spot gas price at $9/mmBtu or 40% less than the day before. Then there was the Mid-Atlantic at $7.87/mmBtu (43% less) and New England at $7.75/mmBtu (39% less than the day before).

Nationally, the energy futures price for February delivery of natural gas is $2.93/mmBtu and that’s about $1.29 cheaper than the energy futures price one year ago, according to EIA.

New York City expects a high of 28 degrees F with winds gusting to 36 miles-per-hour and a chance of snow. Boston expects a high of 32 degrees with wind gusts as high as 37 mph. Baltimore expects a high of 34 degrees with wind gusts of up to 32 mph.

Things are expected to be bitter in parts of the Midwest.

In parts of Minnesota, Iowa, Wisconsin, North Dakota and South Dakota daytime high temperatures on Friday will be in the single digits or below zero. The weather will be 20 to 30 degrees colder than normal, according to the National Weather Service (NWS).

Virtually all of the nation’s 99 active nuclear plants continue to generate power early Jan. 9, according to the Nuclear Regulatory Commission (NRC).

 

About Wayne Barber 4201 Articles
Wayne Barber, Chief Analyst for the GenerationHub, has been covering power generation, energy and natural resources issues at national publications for more than 20 years. Prior to joining PennWell he was editor of Generation Markets Week at SNL Financial for nine years. He has also worked as a business journalist at both McGraw-Hill and Financial Times Energy. Wayne also worked as a newspaper reporter for several years. During his career has visited nuclear reactors and coal mines as well as coal and natural gas power plants. Wayne can be reached at wayneb@pennwell.com.